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Commodity Important Updates for 12 August 2016

Commodity Important Updates for 12 August 2016

Zinc trading range for the day is 150.3-154.3.Zinc retreated from day’s high as traders book profits while awaiting a string of indicators out of China Glencore lower production of copper, coal and zinc in the years Q2 as it continued to try to lift prices through output cuts Glencore said zinc output was 31% lower yoy, While there was no word on any restart of shut-in zinc production from Glencore. Warehouse stock for Zinc at LME was at 458450mt that is down by -625mt.

Nickel trading range for the day is 709.9-725.9.Nickel dropped to settled at 716 as traders booked profits on the near completion of a Philippine mine review Mine suspensions helped to push up prices while as part of a sector review that is due to be completed later this month. LME nickel hit the highest in a year at $11,030 a tonne on concerns the Philippines may shutter its nickel mining industry. Warehouse stock for Nickel at LME was at 369492mt that is down by -900mt.

Menthaoil trading range for the day is 890.8-918.4.Mentha oil spot at Sambhal closed at 1043.90 per 1kg. Spot prices is down by Rs.-9.40-.Mentha oil prices dropped amid a fall in physical demand from major consuming industries in the domestic spot market. Markets had remained weak for quite some time from lack of demand amidst reports of higher sowing activities. At Chandausi market sources reported arrivals at 15 Drums (1-drum-180kg), down by 5 Drums (1-drum-180kg) as against previous day.

Soyabean trading range for the day is 3496-3624.Soyabean prices remained under pressure as higher monsoon rains keeping soybean fields well irrigated in Madhya Pradesh and Rajasthan. The export of soybean meal and its other value added products during July 2016 is just 12,272 tons compared to 30,688 tons in July 2015.As on 05 Aug, Indian farmers have planted soybean on 111.8 lh, up by 1% compared to last year sowing data. At the Indore spot market in top producer MP, soybean dropped -30 rupee to 3786 rupee per 100 kgs.

Aluminium trading range for the day is 109.3-111.1.Aluminium prices gained after the news Chinas Wanji Aluminum Co. Ltd has shut down its alumina refinery. Shut down has been in forced on account of the potential of a dangerous red mud landslide. Investors are cautious ahead of key Chinese data industrial production, retail sales and fixed asset investment. Warehouse stock for Aluminium at LME was at 2240425mt that is down by -8075mt.

Naturalgas trading range for the day is 166.3-176.1.Natural gas prices sank to test 170 level after a weekly inventory report showed stockpiles grew more than expected. Natural gas storage in the continental US grew by 29bcf last week against the expectation of 26bcf, according to US EIA on Thursday. Prices have been under pressure in recent days amid speculation that August heat won’t prevent stockpiles from reaching a record. Total US natural gas storage stood at 3.317tcf, 10.9% higher than levels at this time a year ago.

Jeera trading range for the day is 18485-18975. Jeera prices ended with losses on lower than expected demand from exporters. During the last few months China has emerged a major buyer of Indian jeera due to lower output there. NCDEX accredited warehouses jeera stocks dropped by 97 tonnes to 6142 tonnes. In Unjha, a key spot market in Gujarat, jeera edged up by 90 rupees to end at 19200 rupee per 100 kg.

Turmeric trading range for the day is 8036-8180.Turmeric prices ended with losses on expectation of better climatic conditions in growing areas. Turmeric acreage in Telangana as on 10 Aug was up 14 % at 43,000 hectares as compared to 38,000 hectares last year. As per dept. of commerce data, turmeric exports in April- May 2016 increased by 31% compared to last year at 21,256 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8373.75 rupees dropped -19.65 rupees.

Copper trading range for the day is 320.2-325.8.Copper gain as support seen after decline in inventories tracked by the LME eased concern about slowing demand. Dollar rose after U.S. data showed the U.S. labor market was firming Glencore in September plans to shut two African copper mines over an 18-month period, reducing copper output by 400,000 tons. Warehouse stock for Copper at LME was at 203925mt that is down by -900mt.

Crudeoil trading range for the day is 2685-3051.Crude oil gained on expectations that exporters could at an upcoming meeting talk about ways to prop up a market that continues to be dogged by a supply overhang. Saudi Arabias energy minister said that oil producers would discuss during a meeting next month in Algeria potential action to stabilize oil prices. The International Energy Agency (IEA) that said it expected a tightening supply and demand balance towards the end of the year also supported prices. OPEC expects demand for its crude in 2017 to average 33.01 million bpd, suggesting a supply surplus of 100,000 bpd if OPEC keeps output steady.

Silver trading range for the day is 46075-47559.Silver dropped as weekly U.S. jobless claims data offered few clues on whether the Federal Reserve will raise interest rates in the coming months. The central bank should raise interest rates further this year, San Francisco Fed President John Williams said in an interview. The number of individuals filing for initial jobless benefits decreased by 1,000 to 266,000 last week, the Labor Department said. Market players are turning their attention Friday’s highly anticipated U.S. retail sales report.

Gold trading range for the day is 31130-31590.Gold dropped as the dollar rose though uncertainty over the outlook for U.S. monetary policy prevented further losses for the metal. Investors expect the U.S. Federal Reserve to raise rates in December, but other countries are increasingly looking to raise stimulus. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.03 percent to 972.32 tonnes on Thursday. Indian gold demand to revive in the second half of 2016 on surplus monsoon rains WGC

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